SEOUL, May 2 (Korea Bizwire) — Woori Financial Group Inc. got regulatory approval on Friday for the takeovers of two life insurance companies, on condition that the group faithfully implements its planned measures aimed at strengthening its internal control. The Financial Services Commission (FSC), the country’s financial regulator, approved Woori Financial’s takeovers of Tongyang Life [...]
SEOUL, May 2 (Korea Bizwire) — Wemix, a cryptocurrency issued by Korean game publisher Wemade Co., will be delisted from major domestic crypto exchanges next month following a large-scale hacking incident, exchange operators said Friday. The Digital Asset eXchange Association (DAXA), an alliance of five major crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax [...]
SEOUL, May 2 (Korea Bizwire) — Seoul shares ended higher Friday, led by gains in tech and shipbuilding stocks, although investors remained cautious about the impact of shifting U.S. tariffs on major companies’ earnings. The Korean won rose sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.18 points, or [...]
SEOUL, May 2 (Korea Bizwire) — Inflation remains generally stable, but uncertainties surrounding consumer prices remain high due to U.S. President Donald Trump’s administration’s new tariff scheme, the central bank said Friday. Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting to review price trends, following government data that showed [...]
SEOUL, May 2 (Korea Bizwire) — The South Korean government on Thursday announced a sweeping plan to manage the country’s growing number of vacant homes, aiming to turn more than 134,000 unused properties into assets that support regional revitalization and public safety. Unveiled during an economic policy meeting chaired by Deputy Prime Minister and Finance [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s financial industry is accelerating efforts to tokenize traditional assets such as stocks, deposits, and loans, positioning blockchain-backed digital certificates as a cornerstone of the sector’s next phase of innovation. According to a recent report by the Korea Institute of Finance, the global transaction volume of real-world asset [...]
SEOUL, April 29 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it plans to ease capital adequacy requirements for insurance companies to help lessen their burdens and raise the quality of their capital base. The Financial Services Commission said it will complete procedures needed to revise related laws on insurers’ capital adequacy ratio by [...]
WASHINGTON, April 25, (Korea Bizwire) — The International Monetary Fund has halved its 2025 growth outlook for South Korea, citing the combined effects of escalating U.S. tariffs and domestic political instability. It marks the steepest downgrade among major economic forecasts for the country to date. Rahul Anand, head of the IMF’s Korea mission, explained the [...]
SEOUL, April 25, (Korea Bizwire) — South Korea’s largest corporations are ramping up their responses to the renewed threat of U.S. tariffs under the Trump administration by stockpiling inventory and expanding production within the United States, signaling a shift toward more aggressive contingency planning. During first-quarter earnings calls on April 24, companies across the automotive, [...]
SEOUL, April 25 (Korea Bizwire) — Daily foreign exchange (FX) trading by banks in South Korea reached an all-time high in the first quarter of 2025 on increased demand from cross-border trading and the volatile won-dollar exchange rate, central bank data showed Friday. The daily FX turnover, including trading of derivatives, came to an average [...]